Fintech apps are all over the internet! Every financial institute has gone digital, by developing their smartphone app as it helps them reach a larger audience faster. However, it is not that easy to develop a fintech application. One of the first decisions that you have to make is what type of development approach you want to take. Should you go for cross-platform app development or should you choose a native-platform app development?
If you too are planning to develop a fintech application but are confused about the type of app you want, then this is the post for you! In this one, we have tried to bring forward all the advantages and disadvantages of choosing any of the development approaches so that you can decide which is the most suitable for you as per your fintech app objectives.
Without further ado, let’s begin by addressing both approaches individually and later compare them based on the requirements for fintech applications.
Cross Platform Development for Fintech Apps: Advantages & Disadvantages
For those who are unfamiliar with the concept, cross-platform app development involves coding an application once and making it compatible with multiple platforms and operating systems. It is often called the write once, run anywhere approach as a cross-platform application uses the same code, same structure, and same UI for both Android & iOS.
This happens because cross-platform applications use mobile app development frameworks such as React Native, & Flutter that help in creating a single codebase that can be deployed on multiple mobile platforms.
Advantages of Cross-Platform
● Cross-platform development is cost-effective
● Cross-platform development is faster to execute
● Cross-platform development creates UI/UX consistency
● Cross-platform development helps you reach a wider audience
● Cross-platform development offers ease of application management
Disadvantages of Cross-Platform
● Lacks in performance & speed
● Delayed SDKs for latest releases
● Issues in adapting platforms specific libraries
With these advantages and disadvantages discussed, we can say that if you plan to invest less and reach a wider audience, cross-platform development is the best method for you. However, it may be too soon to decide as we have not discussed the advantages and disadvantages of the Native app development approach. Check out the next section to find out what the other approach has to offer.
Native Development for Fintech Apps: Advantages & Disadvantages
Native app development, as the name suggests, works on the specific operating system for which it is developed. This means you have to create different applications, and different codebases for multiple platforms be it Android or iOS. While this approach also allows you to deploy an application on both platforms, you will need to develop different codes, which may cost you more as it requires different development professionals and processes.
For instance, if you want to develop an e-wallet, you will require multiple e-wallet app development services to support the process, one for Android & one for iOS.
There are individual frameworks for native app development that require dedicated teams. Sometimes if you have a single team, you will have to work in batches on the application and you may deploy applications for different platforms at different times.
Advantages of Native-Platform
● Enhanced speed & performance on each platform
● Highly stable and easy-to-maintain applications
● Advanced customizations available as per OS
● Improved security measures with native resources
● Easily use the hardware capabilities of a device to the fullest
Disadvantages of Native-Platform
● Higher cost of development
● Requires multiple experts
● Significantly slow maintenance
Native app development offers some of the best compatibility and performance features that you can use. However, the cost of development and resources required to manage multiple applications (each for a platform) can be troublesome.
Things to Consider Before Choosing a Type of Development for Fintech Apps?
Now that you are familiar with all the aspects of both cross-platform and native app development, you should identify your objectives for development.
Generally while creating a fintech application you have to consider the following –
– Security of your application as you will deal with sensitive information and want the best security features in your fintech application.
– Potential reach of the application you have developed as the more people you have onboard, the better for your business!
– Time to market will take as the fintech market is growing day by day, and delaying your initiative might not be the best decision.
– App performance is another area where you should not compromise. Being a fintech company, you already have to deal with the stigma of digital finances. You cannot justify an application that has bugs or slow processing.
– Cost of deployment also matters however if you have enough funds available, it should not be a problem. In case you are short on budget, you should consider this factor too.
Other than these, the fintech app development company you hire can guide you better in understanding the objectives. Now, looking at these factors you might have got a bit of clarity on which approach to choose for your fintech application.
What is the Best Approach for Fintech App Development? Our Verdict
Cross-platform applications offer optimized time to market and wider reach while native apps use the local libraries better to provide optimized performance and better security features. When it comes to creating a fintech app, two of the most important factors are speed and security. Hence, Native app development appears to be a better choice from a user perspective.
However, when you go for native app development you have to spend more time and money on the process or have to limit your userbase if you plan to go for only one platform. At the end of the day, it entirely depends on your discretion and availability of funds.
If you have no issues with budget, go for native app development as it is more secure and offers better performance. However, if you are low on budget and time, native seem the better option.
Hope with this post you get your answers and make the right decision while choosing between cross-platform and native app development.